Explain thoroughly why it is the answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Explain thoroughly why it is the answer.
Transcribed Image Text:Liabilities are
1
O any accounts having credit balances after closing entries are made.
deferred credits that are recognized and measured in conformity with generally
accepted accounting principles.
O obligations to transfer ownership shares to other entities in the future.
O present obligations arising from past events and results in an outflow of resources.
Clear selectic
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